Shiba Inu Burn Rate Spikes 330% In A Single Day After Shibarium Sets New Record
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB) experienced a 330% surge in burn rate following the resolution of a glitch in the Shibarium layer-2 Ethereum (CRYPTO: ETH) Network. A total of 181 million SHIB tokens have been burned, permanently removing them from circulation. However, the locked value on Shibarium is only $742,000, compared to the total locked value across various blockchains in the crypto ecosystem of approximately $37.51 billion.
September 11, 2023 | 8:00 am
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POSITIVE IMPACT
The resolution of a glitch in the Shibarium layer-2 Ethereum Network led to a surge in Shiba Inu's burn rate. This could potentially increase the value of Ethereum as it shows the robustness of its network.
The successful resolution of the glitch in the Shibarium layer-2 Ethereum Network shows the robustness of the Ethereum network. This could potentially increase investor confidence in Ethereum, leading to a potential increase in its value.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Shiba Inu experienced a significant surge in burn rate, with 181 million tokens burned. This could potentially increase the value of the remaining tokens in circulation.
The significant surge in Shiba Inu's burn rate, resulting in the burning of 181 million tokens, reduces the total supply of SHIB tokens. This could potentially increase the value of the remaining tokens in circulation.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100